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evidence indicating that DP could be used successfully for
commercial or residential development in the reasonably near
future. These facts, taken together, support a finding that the
highest and best use for DP was a mixed use.
The testimony of Lucas Carter (Mr. Carter), the curator of
DP, also indicates the highest and best use for DP was a mixed
use. Mr. Carter credibly testified that clear-cutting the
standing timber on DP would have significant adverse effects, the
most significant being that wildlife would seek refuge elsewhere.
When questioned about the period before such wildlife would
return, Mr. Carter estimated that it would likely take 15 to 20
years for the timberland to regenerate before that would occur.
The loss of wildlife and standing timber would clearly have a
negative effect on the recreational value of DP.
After reviewing the record, we conclude that both the
hypothetical buyer and seller having reasonable knowledge of all
relevant facts would not disregard either the recreational or the
timberland use. Accordingly, DP’s highest and best use on the
valuation date was a mixed use of recreation and timberland, with
selective timber farming supporting the recreational value.
5. Valuation Method Analysis
The estate argues that a comparative sales approach is the
proper method to value DP. Respondent, in contrast, contends
that a summation method should be used. The summation method
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